Renewable energy refers to non-fossil energy such as wind energy, solar energy, water energy, biomass energy, geothermal energy, ocean energy, etc. It is an inexhaustible energy source that will be exhausted from non-renewable energy is harmless or minimally harmful to the environment, and the resources widely distributed, suitable for local development and utilization.
The global Renewable Energy market has the potential to grow with USD 1600 billion with historical CAGR in the forecast period from 2020-2027. Due to the rising emission of greenhouse gases, the limited presence of fossil fuels and the increasing price of oils is contributing to the increasing demand for renewable energy.
In recent years, due to the warning signs about climate change to humans, governments of various countries have been thinking about how to reduce carbon and energy. To reduce dependency on fossil energy, some countries are shifting to nuclear power generation to achieve carbon reduction and low cost.
Moreover, most of the energy we use, such as electricity, comes from the conversion of fossil fuels, including natural resources such as coal, oil, and natural gas. Renewable energy is an energy that replaces fossil fuels for us. Renewable energy refers to the infinite power, that is, the problem of no reserves being exhausted. The energy that will not deplete in a lifetime. There are several main types of renewable energy, including solar energy, wind power, tidal energy, and geothermal energy.
Furthermore, Solar photovoltaic power generation refers to a facility that uses the photovoltaic effect of photovoltaic semiconductor materials to convert solar energy into DC power. In addition to generating electricity, people will also use solar energy for other purposes such as water heaters, which use the energy contained in sunlight to heat water usually installed with photovoltaic systems. Salt fields also use solar energy to evaporate seawater to obtain sea salt.
Additionally, electricity generated from renewable energy accounted for 22.8%. However, in addition to generating electricity, renewable energy can also be converted into other energy sources. Power has excellent potential for development. It believes that renewable energy will ban fossil fuels as the primary energy source for people in the future.
The development and utilization of renewable energy is the essential requirement for implementing the scientific development concept, building a resource-saving society, and achieving sustainable development. Adequate, safe, and clean energy supply is the basic need for economic growth and social progress.
Renewable energy is clean and environmentally friendly, and the development and utilization process does not increase greenhouse gas emissions. The development and utilization of renewable energy have a significant role in optimizing the energy structure, protecting the environment, reducing greenhouse gas emissions, and coping with climate change.
Based on the type, the global renewable energy market categorized into Hydroelectric Power, Wind Power, Bioenergy, Solar Energy, and Geothermal Energy. The hydroelectric power segment accounted for the largest share in the global renewable energy market. Hydroelectric is converted into electrical energy using the potential energy of water power generation, which is the use of water level drop flow under gravity kinetic energy. Generating electricity using the gravity of flowing water is called hydropower. The severity of the water used to rotate the turbine. The turbine drives the magnets in the rotating generator to generate electricity. Water energy also classified as renewable energy. It is one of the oldest, cheapest, and simplest power generation technologies.
Moreover, hydroelectric power is as clean and green as nuclear energy and biomass energy. These power plants do not use or release fuel, so they do not emit any greenhouse gases. Also, it considers being renewable energy because it uses the earth’s water to generate electricity. Water is circulated back to the ground in a natural form without any pollution. Hydroelectric power considered a cost-effective method as, despite the substantial construction costs, hydropower is a cost-competitive energy source due to its maintenance, and operating costs are meager.
Based on the end-user, the global renewable energy market classified into Residential, Commercial, Industrial, and Others. The Industrial segment has dominated the largest share in the global renewable energy market. It is mainly owing to the rise in the level of pollution, emerging industrialization, increasing need to reduce the use of fossil fuels due to its increasing scarcity. Moreover, renewable energy is endless and does not affect the environment. Therefore, the industrial segment is bolstering the market demand for the global renewable energy market.
Based on geography, the global renewable energy market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. Asia Pacific region is dominating the market share of the global renewable energy market. Significant factors contributing to the growth of the renewable energy market include emerging investment in building renewable energy plants, rising industrialization. Additionally, emerging demand for sustainable energy and the adoption of renewable energy by replacing fossil fuels are bolstering the market share of the global renewable energy market.
Companies such as ABB Ltd., General Electric (GE), The Tata Power Company Limited (Tata Power), Innergex, Enel Spa (Enel), Xcel Energy Inc. (Xcel Energy), EDF, Geronimo Energy, Invenergy, and ACCIONA, Vestas Wind Systems A/S, UpWind Solutions, Inc., Senvion S.A., and Sinovel Wind Group Co., Ltd., ENERCON GmbH and others are key players in the global renewable energy market.